Lithium-Ion Battery Testing Equipment Market
Market Overview: The Global Lithium-Ion Battery Testing Equipment Market reached US$ 512.3 million in 2022 and is expected to reach US$ 754.7 million by 2030, growing with a CAGR of 4.8% during the forecast period 2023-2030. The growing demand for electric cars and battery chemistries are driving the lithium-ion battery testing equipment market. Automotive lithium-ion battery demand rose 65% in 2022 due to a 55% rise in new EV registrations, according to IEA. Critical elements like lithium, cobalt, and nickel are also in demand as lithium-ion battery demand rises. For battery dependability and safety, especially in the context of global supply chain sustainability, thorough testing and quality control equipment are essential. To Know More - https://www.datamintelligence.com/download-sample/lithium-ion-batterytesting-equipment-market Market Drivers: Battery-powered material handling equipment is becoming increasingly popular worldwide. Material-handling equipment has changed along with industrial automation to meet the everchanging needs of different sectors. The sector of material-handling equipment has seen a number of technical improvements throughout time. Numerous technical breakthroughs using batteries have affected automated material handling and lifting equipment, such as industrial trucks, guided vehicles, elevating equipment, and intralogistics systems. An increasing number of material-handling devices, including forklifts, robots, ground support equipment, etc., are using lithium-ion batteries. Market Opportunities: Rising renewable energy integration in power systems worldwide. Energy production has shifted from fossil fuels to solar, wind, and water in recent years. Many economies are switching to greener energy. In anticipation of an energy crisis, the EU is boosting solar photovoltaic (PV) and wind projects. In 2022, the area added nearly 50 GW of renewable energy capacity, a 45% increase over the year before. The ambitious objectives and goals in the REPowerEU Plan and The Green Deal Industrial Plan are projected to spur large investments in renewable energy projects throughout the EU in the coming years. Market Segmentation Analysis: Rechargeable Battery Market Growth Drives Battery Discharge Testing Equipment Demand Battery discharge testing equipment is growing due to expanding demand for rechargeable batteries, notably lithium-ion ones. Global environmental concerns, energy efficiency, and the adoption of electric cars and renewable energy sources are the main reasons. The research and development of lithium-ion, polymer, all-solid-state, and all-resin rechargeable batteries is growing. Battery discharger testers are essential for testing these battery technologies' performance and safety.